Nigerian billionaire, Abdul Samad Rabiu has received a $144.4 million dividend from his controlling stake in BUA Foods Plc after the company boosted its payout by 136 percent in 2024.
The dividend, part of BUA Foods’ final payment for the 2024 financial year, reflects N216.75 billion ($144.4 million) of the total N234 billion ($152.4 million) distributed to shareholders.
Rabiu, who owns 92.63 percent of the company, earned a payout 76 percent higher than the $79.4 million he received in 2023.
BUA Foods, a leading Nigerian consumer goods group operating in sugar, flour, pasta, rice, and oil, has seen profits more than double to N266 billion ($173 million), while revenue rose 109 percent to N1.53 trillion ($1.02 billion).
Strong demand and pricing gains across its product lines drove the growth, deepening value for Rabiu and other investors.
